Appetite for Canadian food products supports manufacturing growth
Although Canadian consumer spending is weak, the outlook for Canadian food manufacturing remains bright thanks to rising demand from the US and other foreign markets, according to The Conference Board of Canada's latest Canadian Industrial Outlook: Canada's Food Manufacturing Industry. Canada's food manufacturing's industry is forecast to grow by 2.1 percent in 2016.
“Faced with weak disposable income gains and rising household debt, Canadians will be more frugal when it comes to how they spend their food budget,” says Michael Burt, director of Industrial Economic Trends. “Luckily for food manufacturers, Canada's new trade era of lower commodity prices, a weaker Canadian dollar, and strengthening demand from south of the border will open up new opportunities for the food manufacturing industry.”